Unconventional play-focused Range Resources Corp. charted record quarterly production in 4Q2010 with an average of 541 MMcfe/d, an 18% jump from the year-ago period and an 8% increase from the previous quarter, the company said.

The company said it has achieved 32 consecutive quarters of sequential production growth. Production for full-year 2010 averaged 495.3 MMcfe/d, a 14% increase over 2009 and representing the company’s seventh consecutive year of double-digit production growth. Adjusting for asset sales, the 14% production growth in 2010 would have been 19%.

“Achieving our seventh year of quarter-over-quarter production growth is a remarkable milestone,” said CEO John Pinkerton. “Most importantly, production per share, on a debt-adjusted basis, rose nearly 13% in 2010, representing our fifth consecutive year of per-share production growth.”

Preliminary 4Q2010 oil and gas price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $5.33/Mcfe, representing a 19% decrease from the prior-year period but a 7% increase compared to 3Q2010. Production and realized prices by each commodity for the fourth quarter were:

For 2011 Range said it has hedged 408,200 MMBtu/d of anticipated gas production. The volumes are hedged at an average floor price of $5.56/MMBtu and an average cap price of $6.48/MMBtu, for which the company paid an average premium of 33 cents/MMBtu.

Much of Range’s drilling inventory is in unconventional resource plays targeting shales, coalbed methane and tight gas sand reservoirs. The company has said it believes its four divisions — Marcellus, Southwest, Appalachia and Midcontinent — represent 24-31.7 Tcfe in unrisked resource potential, or up to 10 times its existing proved reserve base. Recently the company said it had doubled its production from the Marcellus Shale last year.

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